PM doesn't want to upset wealthy Auckland voters -- Labour

Labour says Prime Minister John Key won't intervene to address the Auckland housing crisis because he doesn't want to upset the National party's wealthy voter base.

It comes after the Prime Minister said this morning he wouldn't rule out introducing a land tax on residential properties for non-residents, but he didn't think a tax was necessary at the moment.

Housing spokesperson for Labour, Phil Twyford, says Mr Key is out of touch -- all talk and no action.

"There's no doubt from the Prime Minister's own statements he's taken the view that the National Party can harvest more votes from speculators and the wealthy, who are making a killing from the hyperinflation in the Auckland housing market.

"It's a very cynical brand of politics that says it's okay to let the housing crisis spiral out of control, and it's okay to allow foreign speculators to bid up the price of housing, because some cashed up home owners are going to benefit from it."